CLOSED INVESTMENT - BUFORD VILLAGE
BUFORD VILLAGE
Size: 62,453 s.f. retail center
Location: Atlanta (Buford), GA
Description: Class A mixed-use center (retail / office) 2008 construction
Status at Purchase:
Date: December 24, 2014
Occupancy: 64%
Purchase Price: $6,825,000
Four-Part Business Plan:
Purchase at Discount:
Purchased from lender for less than half of original development cost ($109 psf vs. $240 psf)
Lease-up Vacant Spaces:
Implement aggressive marketing plan.
Take advantage of lower cost basis to reduce rents to market ($14 – $18 psf vs. original developer asking $30 psf)
Reduce Operating Expenses:
Actively manage property (which has suffered thru distressed ownership) utilizing SunCap’s platform and key vendor relationships in order to reduce operating expenses.
Increase NOI:
Double the NOI over a five year holding period.
Status at Sale:
Date: June 28, 2018
Occupancy: 84%
Sale Price: $9,250,000
Actual Investment Returns:
Equity Invested: $2,450,000
Actual Investor Returns:
7.8% current cash-on-cash
17.0+% IRR over 3.5 year hold
Investment Multiple: 1.7